North American seafood company Bumble Bee Foods has announced it is using blockchain to trace the journey of yellowfin tuna from sea to dinner table, amid greater consumer demand for transparency surrounding sustainability sourced food.
Coinbase Inc., one of the world’s largest cryptocurrency exchanges, is letting go of staff after the backlash it faced for purchasing a company allegedly linked to the sale of spyware to oppressive regimes.
One of the biggest hurdles facing digital currencies is their extreme volatility. Bitcoin traded near $20,000 in December 2017 only to plummet to around $6,000 two months later — a range of price swings that makes Bitcoin nearly unusable for business owners or consumers. For some, the answer is a stable cryptocurrency, or stablecoin. While the idea isn’t entirely new and the best-known example, Tether, has been trading since 2015, a host of new stablecoins hit the market last year.
After a punishing year, cryptocurrency enthusiasts looking for a fresh start in 2019 are being greeted by some positive technical signals.
The GTI Vera Convergence Divergence indicator is suggesting Bitcoin is in its longest buying streak in six months. Should buying pressure persist as it has over the past 13 days, Bitcoin could continue to see a rise in prices following last year’s 74 percent decline, the measure predicts.
“Usually the best thing to do is to buy low and sell high. So if we are going by technical analysis we can very easily see on the chart that we are much closer to the bottom than we are to the top,” said Mati Greenspan, senior market analyst at eToro in Tel Aviv.
“I’m seeing an industry that is growing at a very rapid pace right now where we see companies that are involved in Bitcoin and blockchain hiring at a rapid rate,” Greenspan said. “We see new projects coming online. We see all kind of indication that people are getting more and more involved in the market.”
The end of selling related to the booking of taxable losses could be contributing to Wednesday’s bounce, said Mike McGlone, an analyst with Bloomberg Intelligence. “The reduction of that selling is a good reason for the bounce,” he said. “Now is about the duration of the bounce before resuming what is likely a longer-term bear market.”